clear
use "pseudo data\stata_datatable_pseudo.dta"
xtset gvkey fyear

winsor2 cod d2at che2at ni2at capxv2at d2seq, replace cuts (1 95) by (fyear)

gen before2000 = (fyear < 2000)
gen after2000 = (fyear >= 2000) if fyear<.

gen t1 = (logat_t1 > 0 & logat_t1<.)
gen t2 = (logat_t2 > 0 & logat_t2<.)
gen t3 = (logat_t3 > 0 & logat_t3<.)

** labelling

label variable logdm "DEBT_MATURITY"
label variable lognseg "NUM_SEGMENTS"
label variable ismulti "MULTI_DIVISION"
label variable logmc "log(mc)"
label variable cod "cost of debt"
label variable d2at "LEVERAGE"
label variable che2at "CASH"
label variable ni2at "NET_INCOME"
label variable capxv2at "CAPITAL_EXPENDITURES"
label variable logmve "MARKET_EQUITY"
label variable d2seq "DBET_TO_EQUITY"
label variable ev "EV"
label variable logat "log (total assets)"
label variable gvkey "indiv. firm"
label variable sic "4-digit SIC"
label variable ffind48 "48 FF"


** Table 3

collect create corr_tbl
pwcorr logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev
matrix define vechrow = vech(r(C))'
table (result coleq) (colname), statistic(count logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) statistic(mean logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) statistic(sd logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) statistic(p10 logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) statistic(p50 logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) statistic(p90 logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) command(corr=(vech(r(C))'): pwcorr logdm lognseg ismulti logmve d2seq ni2at capxv2at d2at che2at ev) nformat(%9.0fc count) nformat(%5.2f mean sd p10 p50 p90)
collect style cell result[corr], maximum(0.99, label(" - ")) nformat(%6.2f) halign(center)
collect layout (colname) (result[count mean sd p10 p50 p90] coleq#result[corr])
collect style header result[corr], level(hide)
collect label levels result count "Obs." sd "SD" p10 "P10" p50 "Median" p90 "P90", modify
collect label levels colname logdm "1. DEBT_MATURITY" lognseg "2. NUM_SEGMENTS" ismulti "3. MULTI_DIVISION" logmve "4. MARKET_EQUITY" d2seq "5. DBET_TO_EQUITY" ni2at "6. NET_INCOME" capxv2at "7. CAPITAL_EXPENDITURES" d2at "8. LEVERAGE" che2at "9. CASH" ev "10. EV", modify
collect label levels coleq logdm "1" lognseg "2" ismulti "3" logmve "4" d2seq "5" ni2at "6" capxv2at "7" d2at "8" che2at "9" ev "10", modify
collect style cell cell_type[column-header]#coleq, halign(center) valign(center)
collect style cell border_block[corner row-header], border(right, pattern(nil))
collect style cell border_block[row-header], border(top, pattern(nil))
collect style tex, nobegintable
collect preview


** Table 5

eststo dm_ismulti_gvkey: reghdfe logdm ismulti logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_ismulti_sic: reghdfe logdm ismulti logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_ismulti_ff48: reghdfe logdm ismulti logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_ismulti_ff12: reghdfe logdm ismulti logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo dm_nseg_gvkey: reghdfe logdm lognseg logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_sic: reghdfe logdm lognseg logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_ff48: reghdfe logdm lognseg logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_ff12: reghdfe logdm lognseg logmve d2seq ni2at capxv2at , absorb(	ffind12 fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_ismulti_gvkey dm_nseg_gvkey dm_ismulti_sic dm_nseg_sic dm_ismulti_ff48 dm_nseg_ff48 , nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logmve d2seq  ni2at capxv2at) order(ismulti lognseg logmve d2seq  ni2at capxv2at)

** Table 6

reghdfe logdm ismulti lognseg logmve d2seq ni2at capxv2at, absorb(gvkey fyear) vce(robust)
gen sample=1 if e(sample)==1

gen logmve_lognseg = logmve - lognseg

gen r2logmve = 0

eststo dm_r2nofe_univ_logmve:  reg logdm logmve if sample == 1,  vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local relr2 "--", replace
replace r2logmve = e(r2_a)
eststo dm_r2nofe_univ_logseg:  reg logdm lognseg if sample == 1,  vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
gen r2lognseg = e(r2_a)
quietly estadd local relr2 = string(round(e(r2_a)/r2logmve*100, 0.1))  + "\%", replace
eststo dm_r2nofe_univ_d2seq:  reg logdm d2seq if sample == 1,  vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
gen r2d2seq = e(r2_a)
quietly estadd local relr2 = string(round(e(r2_a)/r2logmve*100, 0.1))  + "\%", replace
eststo dm_r2nofe_univ_ni2at:  reg logdm ni2at if sample == 1,  vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
gen r2ni2at = e(r2_a)
quietly estadd local relr2 = string(round(e(r2_a)/r2logmve*100, 0.1))  + "\%", replace
eststo dm_r2nofe_univ_capxv2at:  reg logdm capxv2at if sample == 1,  vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
gen r2capxv2at = e(r2_a)
quietly estadd local relr2 = string(round(e(r2_a)/r2logmve*100, 0.1))  + "\%", replace
 
esttab dm_r2nofe_univ_logseg dm_r2nofe_univ_d2seq dm_r2nofe_univ_ni2at dm_r2nofe_univ_capxv2at dm_r2nofe_univ_logmve, nonumber t(2) b(3) replace label s(N r2_a relr2, fmt(%9.0fc 4 4) label("Observations" "Adj. R-squared" "Rel. Adj. R-squared")) star(* 0.10 ** 0.05 *** 0.01) keep(logmve lognseg d2seq  ni2at capxv2at) order(lognseg d2seq  ni2at capxv2at logmve) nonotes


** Table 7 a)

eststo dm_ismulti_gvkey_tertile1: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t1 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_ismulti_sic_tertile1: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t1 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_ismulti_ff48_tertile1: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t1 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_ismulti_ff12_tertile1: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t1 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo dm_nseg_gvkey_tertile1: reghdfe logdm lognseg logmve d2seq  ni2at capxv2at if t1 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_sic_tertile1: reghdfe logdm lognseg logmve d2seq  ni2at capxv2at if t1 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_ff48_tertile1: reghdfe logdm lognseg logmve d2seq  ni2at capxv2at if t1 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_ff12_tertile1: reghdfe logdm lognseg logmve d2seq  ni2at capxv2at if t1 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_ismulti_gvkey_tertile1 dm_nseg_gvkey_tertile1 dm_ismulti_sic_tertile1 dm_nseg_sic_tertile1 dm_ismulti_ff48_tertile1 dm_nseg_ff48_tertile1 , nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logmve d2seq ni2at capxv2at) order(ismulti lognseg logmve d2seq ni2at capxv2at)

** Table 7 b)

eststo dm_ismulti_gvkey_tertile2: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t2 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_ismulti_sic_tertile2: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t2 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_ismulti_ff48_tertile2: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t2 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_ismulti_ff12_tertile2: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t2 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo dm_nseg_gvkey_tertile2: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t2 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_sic_tertile2: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t2 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_ff48_tertile2: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t2 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_ff12_tertile2: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t2 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_ismulti_gvkey_tertile2 dm_nseg_gvkey_tertile2 dm_ismulti_sic_tertile2 dm_nseg_sic_tertile2 dm_ismulti_ff48_tertile2 dm_nseg_ff48_tertile2 , nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logmve d2seq ni2at capxv2at) order(ismulti lognseg logmve d2seq ni2at capxv2at)

** Table 7 c)

eststo dm_ismulti_gvkey_tertile3: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t3 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_ismulti_sic_tertile3: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t3 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_ismulti_ff48_tertile3: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t3 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_ismulti_ff12_tertile3: reghdfe logdm ismulti logmve d2seq ni2at capxv2at if t3 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo dm_nseg_gvkey_tertile3: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t3 == 1, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_sic_tertile3: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t3 == 1, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_ff48_tertile3: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t3 == 1, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_ff12_tertile3: reghdfe logdm lognseg logmve d2seq ni2at capxv2at if t3 == 1, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_ismulti_gvkey_tertile3 dm_nseg_gvkey_tertile3 dm_ismulti_sic_tertile3 dm_nseg_sic_tertile3 dm_ismulti_ff48_tertile3 dm_nseg_ff48_tertile3 , nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logmve d2seq ni2at capxv2at) order(ismulti lognseg logmve d2seq ni2at capxv2at)

** Table 8 a)

gen nseg_oh = lognseg * overhang_h2
label variable nseg_oh "NUM_SEGMENTS $\times$ OVERHANG_DUM"
label variable overhang_h2 "OVERHANG_DUM"
eststo dm_nseg_oh_gvkey: reghdfe logdm nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_oh_nointer_gvkey: reghdfe logdm lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(gvkey fyear) vce(robust)
quietly estadd local ffe "year and firm", replace

eststo dm_nseg_oh_sic: reghdfe logdm nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_oh_nointer_sic: reghdfe logdm lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(sic fyear) vce(cl sic)
quietly estadd local ffe "year and 4-digit SIC", replace


eststo dm_nseg_oh_ff48: reghdfe logdm nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_oh_nointer_ff48: reghdfe logdm lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(ffind48 fyear) vce(cl ffind48)
quietly estadd local ffe "year and 48 FF", replace

eststo dm_nseg_oh_ff12: reghdfe logdm nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at if overhang_h1 == 1 | overhang_h2 == 1 , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_nseg_oh_gvkey dm_nseg_oh_nointer_gvkey dm_nseg_oh_sic dm_nseg_oh_nointer_sic dm_nseg_oh_ff48 dm_nseg_oh_nointer_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at) order(nseg_oh lognseg overhang_h2 logmve d2seq ni2at capxv2at)

** Table 8 b)

replace nseg_oh = lognseg * oh2
label variable nseg_oh "NUM_SEGMENTS $\times$ OVERHANG_DUM_ALT"
label variable oh2 "OVERHANG_DUM_ALT"
eststo dm_nseg_oh_gvkey: reghdfe logdm nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo dm_nseg_oh_nointer_gvkey: reghdfe logdm lognseg oh2 logmve d2seq ni2at capxv2at, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace

eststo dm_nseg_oh_sic: reghdfe logdm nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo dm_nseg_oh_nointer_sic: reghdfe logdm lognseg oh2 logmve d2seq ni2at capxv2at, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace


eststo dm_nseg_oh_ff48: reghdfe logdm nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo dm_nseg_oh_nointer_ff48: reghdfe logdm lognseg oh2 logmve d2seq ni2at capxv2at, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace

eststo dm_nseg_oh_ff12: reghdfe logdm nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab dm_nseg_oh_gvkey dm_nseg_oh_nointer_gvkey dm_nseg_oh_sic dm_nseg_oh_nointer_sic dm_nseg_oh_ff48 dm_nseg_oh_nointer_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at) order(nseg_oh lognseg oh2 logmve d2seq ni2at capxv2at)


** Table 9

eststo ev_ismulti_gvkey: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_ismulti_sic: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_ismulti_ff48: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_ismulti_ff12: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo ev_nseg_gvkey: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_nseg_sic: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_nseg_ff48: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_nseg_ff12: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab ev_ismulti_gvkey ev_nseg_gvkey ev_ismulti_sic ev_nseg_sic ev_ismulti_ff48 ev_nseg_ff48 , nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(logdm ismulti lognseg logmve d2seq ni2at capxv2at) order(logdm ismulti lognseg logmve d2seq ni2at capxv2at)


** Table 10 a)

eststo ev_ismulti_before2000_gvkey: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if before2000, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_ismulti_before2000_sic: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if before2000, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_ismulti_before2000_ff48: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if before2000, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_ismulti_before2000_ff12: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if before2000, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo ev_nseg_before2000_gvkey: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if before2000, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_nseg_before2000_sic: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if before2000, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_nseg_before2000_ff48: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if before2000, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_nseg_before2000_ff12: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if before2000, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab ev_ismulti_before2000_gvkey ev_nseg_before2000_gvkey ev_ismulti_before2000_sic ev_nseg_before2000_sic ev_ismulti_before2000_ff48 ev_nseg_before2000_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(logdm ismulti lognseg logmve d2seq ni2at capxv2at) order(logdm ismulti lognseg logmve d2seq ni2at capxv2at)

** Table 10 b)

eststo ev_ismulti_after2000_gvkey: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if after2000, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_ismulti_after2000_sic: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if after2000, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_ismulti_after2000_ff48: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if after2000, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_ismulti_after2000_ff12: reghdfe ev logdm ismulti logmve d2seq ni2at capxv2at if after2000, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo ev_nseg_after2000_gvkey: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if after2000, absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo ev_nseg_after2000_sic: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if after2000, absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo ev_nseg_after2000_ff48: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if after2000, absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo ev_nseg_after2000_ff12: reghdfe ev logdm lognseg logmve d2seq ni2at capxv2at if after2000, absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab ev_ismulti_after2000_gvkey ev_nseg_after2000_gvkey ev_ismulti_after2000_sic ev_nseg_after2000_sic ev_ismulti_after2000_ff48 ev_nseg_after2000_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(logdm ismulti lognseg logmve d2seq ni2at capxv2at) order(logdm ismulti lognseg logmve d2seq ni2at capxv2at)

** Table A1

eststo cod_gvkey: reghdfe cod logdm lognseg logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo cod_sic: reghdfe cod logdm lognseg logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo cod_ff48: reghdfe cod logdm lognseg logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo cod_ff12: reghdfe cod logdm lognseg logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab cod_gvkey cod_sic cod_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(logdm lognseg logmve d2seq  ni2at capxv2at)

** Table A2

eststo d2at_ismulti_gvkey: reghdfe d2at ismulti logdm logmve ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo d2at_ismulti_sic: reghdfe d2at ismulti logdm logmve ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo d2at_ismulti_ff48: reghdfe d2at ismulti logdm logmve ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo d2at_ismulti_ff12: reghdfe d2at ismulti logdm logmve ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo d2at_nseg_gvkey: reghdfe d2at lognseg logdm logmve ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo d2at_nseg_sic: reghdfe d2at lognseg logdm logmve ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo d2at_nseg_ff48: reghdfe d2at lognseg logdm logmve ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo d2at_nseg_ff12: reghdfe d2at lognseg logdm logmve ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab d2at_ismulti_gvkey d2at_nseg_gvkey d2at_ismulti_sic d2at_nseg_sic d2at_ismulti_ff48 d2at_nseg_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logdm logmve ni2at capxv2at ) order(ismulti lognseg logdm logmve ni2at capxv2at )

** Table A3

eststo che2at_ismulti_gvkey: reghdfe che2at ismulti logdm logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo che2at_ismulti_sic: reghdfe che2at ismulti logdm logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo che2at_ismulti_ff48: reghdfe che2at ismulti logdm logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo che2at_ismulti_ff12: reghdfe che2at ismulti logdm logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

eststo che2at_nseg_gvkey: reghdfe che2at lognseg logdm logmve d2seq ni2at capxv2at , absorb(gvkey fyear) vce(robust)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and firm", replace
eststo che2at_nseg_sic: reghdfe che2at lognseg logdm logmve d2seq ni2at capxv2at , absorb(sic fyear) vce(cl sic)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 4-digit SIC", replace
eststo che2at_nseg_ff48: reghdfe che2at lognseg logdm logmve d2seq ni2at capxv2at , absorb(ffind48 fyear) vce(cl ffind48)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "year and 48 FF", replace
eststo che2at_nseg_ff12: reghdfe che2at lognseg logdm logmve d2seq ni2at capxv2at , absorb(ffind12 fyear) vce(cl ffind12)
unique gvkey if e(sample)==1
quietly estadd scalar Nfirms = r(unique), replace
quietly estadd local ffe "industry (12 FF)", replace

esttab che2at_ismulti_gvkey che2at_nseg_gvkey che2at_ismulti_sic che2at_nseg_sic che2at_ismulti_ff48 che2at_nseg_ff48, nonumber t(2) b(3) replace label s(N r2_a ffe, fmt(%9.0fc 2) label("Observations" "Adjusted R-squared" "Fixed Effects")) star(* 0.10 ** 0.05 *** 0.01) keep(ismulti lognseg logdm logmve d2seq  ni2at capxv2at) order(ismulti lognseg logdm logmve d2seq  ni2at capxv2at)

